Lending Services – Review
- 6026 loans were issued in the 12 months to September 2013, a rise of 4%
- The overall Loan book has risen by £200k in the year, with the value of loans issued in the year remaining relatively constant on the prior year
- Loan interest income has risen by 16% due to the increased loan book (from prior year)
- Loans remain below all directly comparable products on a like for like basis, including high street banks.
We continue to trade through a difficult economic environment, with a higher level of loans being declined due to lack of affordability. At the same time we see a growing trend for debt management plans and debt relief orders.
We always recommend seeking advice if we can’t assist, and route people to agencies that offer appropriate help and support.
Good customer service remains fundamental and we survey all completed loans, acting on all service concerns raised. Acting quickly and efficiently when offering assistance to members seeking to borrow also remains critical and we continue to automate elements of our processes for maximum service and efficiency.
We have redesigned loan products to reflect our member’s needs and in particular:
- We now lend without any attached shares
- We focus on flexibility and have a Fair Terms Payday loan for smaller loans
- We offer a consolidation loan for high cost loans